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Wednesday delivered a big drop across the broader markets on heavy volume for a distribution day. The COMPX, NDX and SPX all dropped the 50dma and closed on the lows. The Dow is still 65 points over the 50dma. The A/D and U/D lines closed on the lows, the TRIN closed at .97. Which is neutral and because the TRIN measures underlying supply and demand in the market we have to pay attention to that. That can mean the selling volume is higher, but the declining shares are being bought or that the selling volume in the dropping shares is declining as the day progresses to take off the pressure. The VIX closed at 27.93 back in the October 5th range just off the October high at 29.56. Gold closed down $4.70 at $1030.70 and oil down $2.25 at $77.44 a barrel.
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